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Alleged Chinese Fraud Mastermind Pleads Guilty to Bitcoin Laundering in U.K.

Published: Sep. 30, 2025 7:43 p.m. GMT+8

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Qian Zhimin stood trial at Southwark Crown Court on Monday. Photo: Yue Yue/Caixin

(London) — Qian Zhimin — accused of architecting a multibillion-dollar fundraising scam in China — pleaded guilty to Bitcoin laundering in the U.K., an unexpected twist as she appeared Monday at Southwark Crown Court.

Qian, who had denied accusations of money laundering, admitted to the charges of possessing and transferring ill-gotten bitcoins, the court heard.

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Qian Zhimin pleaded guilty to Bitcoin laundering in the UK after orchestrating a $6.1 billion scam in China, raising funds from over 100,000 Chinese victims.
She remains in custody, facing up to 14 years imprisonment; her associate Wen Jian was sentenced to 80 months for helping launder 61,000 bitcoins.
The UK and China are cooperating on the case, with ongoing asset recovery efforts and civil claims from Chinese investors.

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Who’s Who

Tianjin Lantian Gerui Electronic Technology Co. Ltd.: Tianjin Lantian Gerui Electronic Technology Co. Ltd. was a Chinese company founded by Qian Zhimin. Between 2014 and 2017, the company was used to illegally sell financial products tied to cryptocurrencies, resulting in Qian raising around $6.1 billion from over 100,000 victims in China. Chinese police launched an investigation into the company in late 2017, leading to the detention of 50 people in 2019.

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What Happened When

Between 2014 and 2017：: Qian Zhimin used Tianjin Lantian Gerui Electronic Technology Co. Ltd. to illegally sell financial products linked to cryptocurrencies, raising 43.5 billion yuan from over 100,000 victims in China.

September 2017：: Qian Zhimin arrived in London.

Late 2017：: Chinese regulators investigated cryptocurrency scams; Tianjin police launched an investigation into Gerui Electronic for illegal fundraising.

2019：: The investigation by Tianjin police led to the detention of 50 people.

2024：: Qian Zhimin was arrested by British police after years on the run.

Last year (2024)：: Metropolitan Police received a request from Chinese authorities regarding the arrangement for the seized 61,000 bitcoins.

May 2024：: Wen Jian was sentenced to 80 months in prison after being found guilty of participating in the largest Bitcoin money laundering case in U.K. history.

Before September 2025：: Several Chinese law firms were retained to represent over 1,000 Chinese investors in civil claims over Bitcoin with the U.K. High Court.